3 ms·

A fraud whistleblower got a 200 million dollar bounty this year from the SEC

mycologos 3y ago
Cool! It looks like the SEC whistleblower program has more generous terms than 1% [1]: > The Commission is authorized by Congress to provide monetary awards to eligible individuals who come forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered. The range for awards is between 10% and 30% of the money collected. Submitting a tip appears to be pretty simple, too. If you want anonymity you'll need to go through a lawyer, but other than that, it's just a web form [2]? [1] https://www.sec.gov/whistleblower https://www.sec.gov/whistleblower [2] https://tcr.sec.gov/TcrExternalWeb/faces/pages/intake.jspx https://tcr.sec.gov/TcrExternalWeb/faces/pages/intake.jspx
- JKCalhoun 3y ago
  > If you want anonymity you'll need to go through a lawyer Sounds like a business opportunity then — the company just needs a lawyer on staff. Whistleblower fields the company with a tip, company splits the SEC reward with the whistleblower, maintains anonymity.
  - seanp2k2 3y ago
    Sadly this is the type of bounty hunting that seems quite likely to get a bounty placed on one’s own head. Making a career out of angering the rich and powerful by going after their money isn’t likely to end well.
    - almost_usual 3y ago
      You’ve got it backwards, the rich should fear the masses. There’s a reason Leland Stanford moved to Palo Alto.
      - laserlight 3y ago
        > the rich should fear the masses Only if the masses could coordinate, which doesn't happen easily.
        deleted 3y ago
        [deleted]
        dredmorbius 3y ago
        Mob emergence is another hazard, and requires little coordination.
      - dredmorbius 3y ago
        What's that reason, for those presently unenlightened?
        almost_usual 3y ago
        He wasn’t making many friends and his home in Nob Hill was easy to find.
  - elteto 3y ago
    Ideas are cheap, execution is all that matters.
tyrfing 3y ago
Actually $279 million. An interesting part: > Both the $200 million CFTC award and the $279 million SEC award involved individuals who blew the whistle after the agency had already begun to investigate the misconduct at issue.

Cool! It looks like the SEC whistleblower program has more generous terms than 1% [1]: > The Commission is authorized by Congress to provide monetary awards to eligible individuals who come forward with high-quality original information that leads to a Commission enforcement action in which over $1,000,000 in sanctions is ordered. The range for awards is between 10% and 30% of the money collected. Submitting a tip appears to be pretty simple, too. If you want anonymity you'll need to go through a lawyer, but other than that, it's just a web form [2]? [1] https://www.sec.gov/whistleblower https://www.sec.gov/whistleblower [2] https://tcr.sec.gov/TcrExternalWeb/faces/pages/intake.jspx https://tcr.sec.gov/TcrExternalWeb/faces/pages/intake.jspx

JKCalhoun 3y ago
> If you want anonymity you'll need to go through a lawyer Sounds like a business opportunity then — the company just needs a lawyer on staff. Whistleblower fields the company with a tip, company splits the SEC reward with the whistleblower, maintains anonymity.
- seanp2k2 3y ago
  Sadly this is the type of bounty hunting that seems quite likely to get a bounty placed on one’s own head. Making a career out of angering the rich and powerful by going after their money isn’t likely to end well.
  - almost_usual 3y ago
    You’ve got it backwards, the rich should fear the masses. There’s a reason Leland Stanford moved to Palo Alto.
    - laserlight 3y ago
      > the rich should fear the masses Only if the masses could coordinate, which doesn't happen easily.
      - deleted 3y ago
        [deleted]
      - dredmorbius 3y ago
        Mob emergence is another hazard, and requires little coordination.
    - dredmorbius 3y ago
      What's that reason, for those presently unenlightened?
      - almost_usual 3y ago
        He wasn’t making many friends and his home in Nob Hill was easy to find.
- elteto 3y ago
  Ideas are cheap, execution is all that matters.

tyrfing 3y ago

Actually $279 million. An interesting part: > Both the $200 million CFTC award and the $279 million SEC award involved individuals who blew the whistle after the agency had already begun to investigate the misconduct at issue.